Essar Energy chairman Ravi Ruia on Wednesday announced his decision to step down from the post amid the Central Bureau of Investigation claiming that the Essar Group had suppressed facts related to its equity holding in Loop Telecom, an allegation denied by the conglomerate.
Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
The Essar Group is raising $3.59 billion (Rs 14,360 crore) against its 33 per cent stake in Vodafone-Essar. The loan will be the largest fund-raising through the share monetisation route by an Indian company.
'He asserted in his usual jovial style that he was not an MBA like his audience at IIM-Ahmedabad but perhaps had an even better business degree: MBB'. 'He went on to explain to his perplexed, blue chip B-School audience that MBB stood for "Marwadi by birth"!' Shivanand Kanavi salutes Shashi Ruia, co-founder of the Essar group who passed into the ages on November 25, 2024 in Mumbai.
Under the 2007 agreement between Vodafone and Essar, the latter has a put option of divesting its stake in the telecom venture.
Ruias owned Essar Steel on Monday announced that they have agreed to acquire Canadian Algoma Steel for an aggregate value of Canadian $1.8 billion (approx. US $1.58 billion) to be paid in cash.
Shareholders of Hutchison Telecom would on May 8, vote on a proposal to pay Essar group $415 million to ensure smooth transaction with UK's Vodafone for sale of majority equity in Hutch-Essar.
May take Rs 1,000-crore hit to re-route country's longest slurry pipeline
Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said. Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No.1 oil refiner as well as give a meaningful presence in the fuel marketing space.
Essar wants reverse merger of Essar Telecom Holdings Ltd into its listed group firm, India Securities Ltd.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
Official sources said the proposal of Essar, which was seeking to increase its equity held through foreign subsidiaries by 6.26 per cent to 22.04 per cent has been approved.
Sources close to the development said senior executives of these three companies recently visited the facilities of Stelco, which was put on the block last month.
This is the latest in a series of large office space buyouts by RMZ Corp which has created a portfolio of rent-yielding commercial assets in India.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
The port project work is to be undertaken by the group's African subsidiary, Essar Africa Holdings, and is not a part of the group's Essar Ports.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
Vodafone said on Wednesday it has completed the acquisition of controlling stake in Hutchisson-Essar Ltd while paying a less amount at $10.9 billion as against $11.8 billion announced earlier.
Essar group on Friday said it will invest Rs 10,500 crore (Rs 105 billion) in a special economic zone at Hazira and augment the steel manufacturing capacity to nine million tonnes, besides expanding the Vadinar refinery.
The ongoing arguments in the case remained inconclusive and would continue on August 5
Essar Shipping Ports & Logistics on Thursday said Ravi Ruia, who is also the Vice-Chairman of Essar Group, has resigned from the company's board with immediate effect due to other commitments.
Rival bidders Vodafone and Reliance Communications are studying the possibility of taking an indirect route to acquire control of Hutchison Essar to skirt the right of first refusal claimed by the Essar group.
The diversified steel-to-telecom Essar Group, with revenues of $ 15 billion, is readying to consolidate its retail initiatives under one roof to maximise synergies and explore new avenues of growth. To shape its plans, Essar is forming a centralised retail think-tank at a group level to strategise the conglomerate's future course of action.
Essar group plans to invest an additional Rs 10,000 crore (Rs 100 billion) in Gujarat, starting next financial year, in a bid to make the state the 'petrol capital' of India.
Essar Energy's $350-million deal to buy Shell UK's oil refinery and associated assets at Stanlow, near Ellesmere Port, Cheshire, has hit a road block. The employee union has rejected the deal in its current form due to differences over pension payout and other issues.
Already with a presence in Kenya's telecom sector through a brand called 'Yu', Essar is looking to strengthening its foothold in the rapidly growing African market.
This delay was a result of controversies over a 15 per cent holding by Hutchison-Essar Managing Director Asim Ghosh, healthcare major Max's Analjit Singh and financial institution IDFC.
Ruia's-owned Essar Group is among four consortia in race to buy Royal Dutch Shell Plc's stake in four Nigerian oil fields.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
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